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The global construction first aid kits market is expected to grow at a CAGR of close to 4% during the forecast period, according to Technavio’s latest market research.
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Technavio has published a new report on the global construction first aid kits market from 2017-2021. (Graphic: Business Wire)
In this market research report, Technaviocovers the market outlook and growth prospects of the globalconstruction first aid kitsmarketfor 2017-2021. The market is further categorized into two product segments, comprising of metallic case and plastic case, of which the metallic case segment accounted for more than 65% of the market share in 2016.
The global construction first aid kits market is mainly driven by the growth in the construction industry, especially in APAC and the Americas. The robust growth of the construction industry is driven by increased urbanization and the exponential growth in population in Southeast Asia. It is further driven by the stringent regulations imposed by the American National Standards Institute (ANSI) and the Occupational Safety and Health Administration (OSHA).
“Vendors are offering industry-specific first aid kits such as welders first aid kits, construction first aid kits, and bulk first aid kits to cater to a wide customer base. In addition, vendors are coming up with new varieties of first aid kits with expanded comprehensiveness in terms of the number of supplies and items, type of cases, and packs. The sizes also vary as per the need,” says Neelesh Prakash Singh, a lead power research expert from Technavio.
Technavio’s research analysts segment the global construction first aid kits market into the following regions:
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The construction first aid kits market in APAC is expected to grow at a faster rate than other regions owing to the continuing industrialization in Asian economies and increasing investments in the real estate sector. The drivers propelling the growth of the market in Asia and its emerging economies are growing population, rapid urbanization, strong economic growth, and increasing awareness about safety issues on construction sites.
There are many new markets for construction in China owing to the renewed focus on building a consumer-oriented economy. The construction of commercial and residential buildings in compliance with international standards will support the growth of the OSHA construction first aid kits market in China. India and China will emerge as the key revenue generators in APAC.
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The Americas is expected to account for the second-highest market share in the construction first aid kits market during the forecast period. This is attributed to standards and safety measures, which are enforced by organizations like OSHA and ANSI. OSHA is a government agency whose mission is to ensure safe working conditions at construction sites. It also provides training and education to create awareness of the potential dangers lurking at construction sites and the precautionary measures needed to avoid them.
“Increasing awareness among construction workers owing to frequent on-site training programs and online courses is driving the market for construction first aid kits in the Americas. In addition, the resurgence of the economy has led to the double-digit growth of job opportunities in the construction sector, which augurs well for the growth of the market,” says Neelesh.
Europe is suffering from macroeconomic uncertainties and continues to linger under the impact of internal imbalances, which make it the smallest market for industrial first aid kits during the forecast period. However, there are still some positives for market growth such as a slight increase in M&A activities in the construction sector has been observed in Europe, which is likely to drive the construction first aid kits market. In the UK, the growth path of the construction sector remains stable. The driving factors are a shortage of housing facilities, growing population, and investments in the non-residential sector.
The top vendors in the global construction first aid kits market as highlighted in this market research analysis are:
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